Disney board rejects Comcast's bid offer

LAKE BUENA VISTA, Fla. -- The Walt Disney Co. board of directors Feb. 16 unanimously rejected Comcast's acquisition bid, which called for exchanging .78 of a share of Comcast for each Disney share.

The board pointed out that Comcast shares were selling at $3.60 less per share than Disney's stock.

"We are committed to creating shareholder value now and in the future and will carefully consider any legitimate proposal that would accomplish that objective," the board said in a statement.

Meanwhile, Comcast said its offer price "reflects a full and generous valuation based upon Disney's prospects and performance over a long period of time, representing a significant premium over Disney's unaffected share price during any relevant measurement period over the last three years. We maintain the belief that our merger proposal represents a sound and compelling proposition for both sets of shareholders."

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